UPDATE, 1:00pm ET: Will Ferrell has decided against pursuing the "Reagan" project after triggering a backlash over the idea of satirizing the former president's dementia, the New York Post reported.

Ferrell's spokesperson said that the script was "one of a number of scripts that had been submitted to Will Ferrell" and had been under consideration.

The spokesperson said that the project was "by no means a ‘Alzheimer’s comedy’ as has been suggested."

(Original story below)

The Reagan family is reportedly outraged over a Will Ferrell movie that would satirize the former president's battle with dementia.

Ferrell, who famously lampooned President George W. Bush for years on "SNL," is considering producing and starring in a comedy called "Reagan."

The New York Post reported that Reagan's daughter, Patti Davis, penned an open letter to Ferrell about the "cruel" project.

The plot is said to surround Reagan's second term, when he began to show signs of Alzheimer's, and is centered on an intern who must convince Reagan that he's an actor playing the role of President of the United States.

She wrote:

There’s nothing funny about Alzheimer’s. It is terrifying for the families of those who suffer from it. They live with the fear [of] what will change next, they have to live with this terror and grief every day. This movie is cruel, not just to my father, but to the millions of people who have the disease, and the millions more who care for them and watch them suffer every day.

The Ronald Reagan Presidential Foundation said in a statement that anyone who supports this movie "ought to first familiarize themselves with the remarkable pain and anguish that families afflicted with Alzheimer's are visited with every day."

News of the project comes after the death last month of former First Lady Nancy Reagan.

Fox News contributor Meghan McCain reacted on America's Newsroom, saying that Hollywood is out-of-touch to think that this would be funny. She said when she first heard the story, she couldn't believe it was real.

"I don't think the American public will stand for this. ... He needs a hit movie [but] this is not the way to do it. It just makes you feel icky and gross," said McCain.

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